Thus taking the entire world as global village, all the four components are equally important for attaining a smooth path for globalisation.Tags: Phd Thesis CmuHow To Write An Essay For EnglishHow To Make A Good Research PaperMemoir EssaysThesis Safety PracticesHappiest Moment Of Your Life EssayThe Metamorphosis Essay Introduction
(ii) Globalisation paves the way for removing inefficiency in production system.
Prolonged protective scenario in the absence of globalisation makes the production system careless about cost effectiveness which can be attained by following the policy of globalisation.
It results breaking of national barriers and creation of inter-connectedness.
Globalisation is a composite process through which integration of nation-states across the world can be made by common economic, commercial, political, cultural and technological ties.
All these have resulted in open access to new markets and new technology for the country.
Main features of globalisation are as follows: Globalisation makes way for the freedom of the industrialist/businessman to establish industry, trade or commerce either in his country or abroad; free exchange of capital goods, service and technologies between countries.
Thus the globalisation of the economy simply indicates interaction of the country relating to production, trading and financial transactions with the developed industrialized countries of the world.
By the term globalisation we mean opening up of the economy for world market by attaining international competitiveness.
Cost effectiveness and price reduction of manufactured commodities will improve the terms of trade in favour of agriculture.
(vii) Globalisation facilitates consumer goods industries to expand faster to meet growing demand for these consumer goods which would result faster expansion of employment opportunities over a period of time.